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Fuel prices scare of potential car buyers
MANY consumers say they plan to postpone their purchase of a new car in view of surging fuel prices, according to a Nielsen survey.
The survey of 1500 people was conducted in July in China's key cities including Shanghai, Beijing and Guangzhou following an 18 percent price hike in gasoline and diesel fuel starting in June.
The study revealed 71 percent of the respondents did not currently own a car while about a third claimed to be considering buying one.
However, because of high oil prices, many say they are reconsidering their purchasing decisions. Twenty five percent of those surveyed said they planned to delay buying a car while a further 22 percent are no longer in the market to buy.
The Nielsen report showed that of those who remain interested in a car purchase, 18 percent are considering a fuel-efficient car due to oil price increases while a quarter remain unaffected by the oil price rise due to their higher incomes.
'Oil price increases have had an impact on some consumer groups, however consumer demand is still quite strong, particularly among the younger, middle class,' said Georgia Zhuang, head of Automotive Research at Nielsen China.
As the survey reveals, of those intending to purchase a car, more than half indicated they would purchase a fuel-efficient model.
'It is at this critical point where manufacturers need to keep themselves updated on consumers' needs and come up with offers or models that suit them under such a challenging environment.” said Zhuang.
An A class car such as a Santana was the type of vehicle most considered for purchase by consumers in Shanghai and Beijing.
About 26 percent of those surveyed said they would buy an A-class sedan followed by 17 percent for a B-class sedan such as Passat and 16 percent for A0 class vehicles such as Volkswagen Polo.
Among all people surveyed, Shanghai consumers are the least likely to be put off by oil price increases with 33 percent saying they would go ahead with a car purchase soon.
Beijingers tended to be more conservative and said they would put their car purchases on hold while Guangzhou consumers are perhaps the most price sensitive among those surveyed, with 31 percent saying they were no longer in the market.
The survey of 1500 people was conducted in July in China's key cities including Shanghai, Beijing and Guangzhou following an 18 percent price hike in gasoline and diesel fuel starting in June.
The study revealed 71 percent of the respondents did not currently own a car while about a third claimed to be considering buying one.
However, because of high oil prices, many say they are reconsidering their purchasing decisions. Twenty five percent of those surveyed said they planned to delay buying a car while a further 22 percent are no longer in the market to buy.
The Nielsen report showed that of those who remain interested in a car purchase, 18 percent are considering a fuel-efficient car due to oil price increases while a quarter remain unaffected by the oil price rise due to their higher incomes.
'Oil price increases have had an impact on some consumer groups, however consumer demand is still quite strong, particularly among the younger, middle class,' said Georgia Zhuang, head of Automotive Research at Nielsen China.
As the survey reveals, of those intending to purchase a car, more than half indicated they would purchase a fuel-efficient model.
'It is at this critical point where manufacturers need to keep themselves updated on consumers' needs and come up with offers or models that suit them under such a challenging environment.” said Zhuang.
An A class car such as a Santana was the type of vehicle most considered for purchase by consumers in Shanghai and Beijing.
About 26 percent of those surveyed said they would buy an A-class sedan followed by 17 percent for a B-class sedan such as Passat and 16 percent for A0 class vehicles such as Volkswagen Polo.
Among all people surveyed, Shanghai consumers are the least likely to be put off by oil price increases with 33 percent saying they would go ahead with a car purchase soon.
Beijingers tended to be more conservative and said they would put their car purchases on hold while Guangzhou consumers are perhaps the most price sensitive among those surveyed, with 31 percent saying they were no longer in the market.
